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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on the derivative and hedging accounting policies see Note 1—General and Summary of Significant Accounting Policies—Derivatives and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2017 Form 10-K. Volume of Activity — The following table presents the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of September 30, 2018, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range:
Derivatives |  | Maximum Notional Translated to USD |  | Latest Maturity
Interest rate (LIBOR and EURIBOR) |  | $ | 4,499 |  |  | 2042
Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso) |  | 376 |  |  | 2029
Foreign Currency: |  |  |  |
Argentine peso |  | 73 |  |  | 2026
Chilean peso |  | 334 |  |  | 2021
Colombian peso |  | 163 |  |  | 2020
Brazilian real |  | 80 |  |  | 2019
Others, primarily with weighted average remaining maturities of a year or less |  | 246 |  |  | 2021
Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company’s derivative instruments as of September 30, 2018 and December 31, 2017 (in millions):
Fair Value | September 30, 2018 |  | December 31, 2017
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 68 |  |  | $ | 2 |  |  | $ | 70 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Cross-currency derivatives | 26 |  |  | — |  |  | 26 |  |  | 29 |  |  | — |  |  | 29 |
Foreign currency derivatives | — |  |  | 243 |  |  | 243 |  |  | 8 |  |  | 261 |  |  | 269 |
Commodity derivatives | — |  |  | 17 |  |  | 17 |  |  | 5 |  |  | 30 |  |  | 35 |
Total assets | $ | 94 |  |  | $ | 262 |  |  | $ | 356 |  |  | $ | 57 |  |  | $ | 291 |  |  | $ | 348 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 159 |  |  | $ | 2 |  |  | $ | 161 |  |  | $ | 125 |  |  | $ | 137 |  |  | $ | 262 |
Cross-currency derivatives | 2 |  |  | — |  |  | 2 |  |  | 3 |  |  | — |  |  | 3 |
Foreign currency derivatives | 29 |  |  | 25 |  |  | 54 |  |  | 1 |  |  | 29 |  |  | 30 |
Commodity derivatives | — |  |  | 4 |  |  | 4 |  |  | 9 |  |  | 11 |  |  | 20 |
Total liabilities | $ | 190 |  |  | $ | 31 |  |  | $ | 221 |  |  | $ | 138 |  |  | $ | 177 |  |  | $ | 315 |
| September 30, 2018 |  | December 31, 2017
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 74 |  |  | $ | 69 |  |  | $ | 84 |  |  | $ | 211 |
Noncurrent | 282 |  |  | 152 |  |  | 264 |  |  | 104 |
Total | $ | 356 |  |  | $ | 221 |  |  | $ | 348 |  |  | $ | 315 |
As of September 30, 2018, all derivative instruments subject to credit risk-related contingent features were in an asset position.
Credit Risk-Related Contingent Features (1) |  |  |  |  |  |  | December 31, 2017
Present value of liabilities subject to collateralization |  |  |  | $ | 15 |
Cash collateral held by third parties or in escrow |  |  |  | 9 |
_____________________________
(1) | Based on the credit rating of certain subsidiaries
Earnings and Other Comprehensive Income (Loss) — The next table presents (in millions) the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2018 |  | 2017 |  | 2018 |  | 2017
Effective portion of cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives | $ | 26 |  |  | $ | (6 | ) |  | $ | 81 |  |  | $ | (79 | )
Cross-currency derivatives | 3 |  |  | 12 |  |  | (2 | ) |  | 14 |
Foreign currency derivatives | (11 | ) |  | (4 | ) |  | (44 | ) |  | (15 | )
Commodity derivatives | — |  |  | 9 |  |  | — |  |  | 23 |
Total | $ | 18 |  |  | $ | 11 |  |  | $ | 35 |  |  | $ | (57 | )
Gains (losses) reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives | $ | (12 | ) |  | $ | (19 | ) |  | $ | (42 | ) |  | $ | (63 | )
Cross-currency derivatives | (8 | ) |  | 14 |  |  | (26 | ) |  | 18 |
Foreign currency derivatives | (8 | ) |  | (1 | ) |  | (9 | ) |  | (24 | )
Commodity derivatives | — |  |  | 10 |  |  | (5 | ) |  | 13 |
Total | $ | (28 | ) |  | $ | 4 |  |  | $ | (82 | ) |  | $ | (56 | )
Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (16 | )
Gains (losses) recognized in earnings related to |  |  |  |  |  |  |
Ineffective portion of cash flow hedges | $ | — |  |  | $ | 4 |  |  | $ | (3 | ) |  | $ | 4 |
Not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency derivatives | (10 | ) |  | 5 |  |  | 144 |  |  | (13 | )
Commodity derivatives and other | 2 |  |  | 1 |  |  | 33 |  |  | 7 |
Total | $ | (8 | ) |  | $ | 6 |  |  | $ | 177 |  |  | $ | (6 | )
_____________________________
(1) | Cash flow hedge was discontinued because it was probable the forecasted transaction will not occur.
AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended September 30, 2019 by $66 million, primarily due to interest rate derivatives.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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